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US indexes recovered from a volatile session after the Federal reserve opted to keep the overnight bank lending rate, at 1 percent, a more than 40-year low, in line expectations.

Calendar: United Kingdom	United States (GMT)	Europe & World (GMT
Canary Wharf (F), Huveaux (F), JKX Oil & Gas (F), Johnston Press (F), Kingfisher (F), Parity Group (F), Pixology (F), Restaurant Group (F), RPS Group (F), Slough Estates (F), Tikit (F), Xaar (F), Amersham (EGM), London Scottish Bank (AGM),BoE`s minutes of March MPC 3/4 meeting (09:30)The Budget (12:30) Feb/Jan Labour Market Report (09:30)	Bear Stearns Companies Biomet Inc, Federal Express Worthington Industries, Jabil Circuit Inc Darden Restaurants 13:30 Core CPI, CPI	BASF, BMW Muenchener Rueckversicherungs Medion AG, Elmos Semiconductor Vivendi Universal, Zodiac Autoroutes du Sud de la France GFI Informatique, J C Decaux
Ex Dividend: ANL Abbey National 16.67p, BMK Benchmark Group 1.95p, BI. Brambles Industries 4.16p, CYD Countryside Properties 13p, FBDU Flying Brands 5.22p, FCCN French Connection Group 2.25p, GLH Gallaher Group 20.15p, HSBA HSBC Holdings 15.36p, HVX Huveaux 0.88p, ISO Isotron 3.55p, JDW Wetherspoon (J D) 1.33p, HDW Headway 0.79p 2.47%, KGP Kingspan Group 3.62p, LAC Lawrence 1.28p, LLOY Lloyds TSB Group 23.50p, LPT Linx Printing Technologie 3.10p, PDG Pendragon 3.80p, PO. P & O 9.00p, PRU Prudential Corporation 10.70p, PCH Pochin's 2.25p , PRV Porvair 1.00p, QTA Quantica 1.00p, QYM Quayle Munro Holdings 6.00p, RDW Redrow Group 3.00p, TRS Tarsus Group 2.20p, WHY White Young Green 2.20p, WKT Walker (Thomas) 0.15p

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evening all

Budget tommorrow....... this is one year I'm certainly not looking forward to.

Updated 3/16 for Wednesday's market.
Key DOW Levels for 3/17
UP Above 10,250
DN Below 10,090

Range
Dow consolidates at the lows. Watch boundaries tomorrow.

From prior commentary, "...An upside break through 10,200 will likely spark a move higher tomorrow. However, the Dow must hold above this level if further strength is to be seen. Otherwise, we could see the formation of a trading range..."
The Dow traded sideways today within a range formed over the last three trading sessions. The session opened up, breaking the clear upper trend line seen in the 15 Minute Chart, but continued sideways to the close, ending the day in the green.

Looking at the 15 Minute Chart, you can see the tight range formed at the low. This range typically indicates a downside continuation. A break at 10,090 will fuel further downside movement tomorrow.

Conversely, an upside break through the upper boundary at 10,250 will spur an upside push. However, the Dow must hold above this level if further strength is to be seen. We could see continued sideways movement within the range tomorrow before a strong directional break is seen.

Short Term Dow

Short term, the Dow has formed a minor resistance level at 10,200, seen in the 5 Minute Chart. An upside break of this level will likely make for strength tomorrow morning.

Medium Term Dow

In the medium term, we closed our Short at 10,200 for a profit of 350 points. We did not enter any other trades, as none of our triggers were hit. We are currently out of the market and will be watching 10,250 up and 10,090 down, with 20 point stops.

NASDAQ & S&P

The NASDAQ and S&P each have formed ranges at the lows as well. The S&P traded sideways within its flag consolidation, and the NASDAQ has formed a downward sloping consolidation. Watch the boundaries tomorrow for a break to indicate direction. *

Summary

The Dow has formed a nice range at the lows seen in the 15 minute chart. This range indicates further weakness. Watch 10,090 for a break to fuel a downside move.

WEDS BUDGET DAYS PP,S

R2 4465
R1 4447
PP 4421
S1 4403
S2 4377

Tues close was below the pp but gained 1.4pts in the auction! Res at 40 then 70, down to the dow to brk above 200 for strength and 160 for weakness imho tonight!

Morning all

Llyods divi looks o.k.at the moment.

Morning all,

Kicked over the traces yesterday and held Blue Chip
stock longs overnight.
Took profit this morning, that's enough bravery for this
week. ;-)

S@P is holding 1100. It needs to break above 1114 today
to make me wary of shorts. If it breaks 1121 then I'll be
considering strapping on the Bull Horns again.

Equivalent levels on FTSE, IMHO, are 4440 to be wary of shorts
and 4470 to start digging the Bull Horns out of the loft again.

Until then, back to safety and scalp with the intraday trend.
Still unsure where this is going.

Melnibone.

Morning all

Couldn't wake up this morning - currently sleepwalking!

I see the FTSE stalled at my 4440 level.

Time to chill out now and protect today's profit.
I'm expecting the S@P to drop back below 1114 before
the open. Waiting for the market to show it's face now.

Catch you later.

Melnibone.

mmmmmm - been out for the last few hours - PSN seem to be doing outstandingly!

Need to look into the implications/details of the budget!

My main budget interest was with the tax on dividends. Basically companies that make more than 50,000 net profit - no change. Companies that make less will pay a little more if they pay a dividend. The extra is the overall rate they pay on the 0% (first 10,000) net profit.

GSK getting hit again today.
I think the volume is heavier than normal as well, which
is another Bearish indicator.

Be careful taking positions between 4440 and 4470.
This is a bit of a 'null' area IMHO.

Took profit on another Blue Chip long when we hit 4440 again at the
US open.

Melnibone.

I've been working so only caught bits of the budget with one ear...
Can anyone tell me if I heard right that Gordon is taking
out the tax on brownfield sites that did exist and was a pain
to developers and now creating a level playing field with the
development of green field sites that didn't suffer this tax
in the first place....Or as a holder of some shares in a
builder, who does do brown field development was I dreaming hopefully (lol)

I haven't looked that closely at the budget, but I do know that my shares in PSN (housebuilder) is up 40p at the moment

Share price over the last 10yrs in PSN!!!!!!!!

Little woman...
Ah is the villa in Southern France on the horizon???
And if it is can I book a fortnight in August?? lol

I wish - but it just goes to show that a FTSE350 company can do amazing things and pay a dividend too!

time to buy 320p by march.